Volta Trucks, a full-electric commercial vehicle manufacturer and services provider, has raised an additional €60 million in capital. The extension to the Series C funding round from February 2022 adds to the previous $260 million.
The investment round was supported by all current investors. With this, the total investment raised by the company is over €360 million.
Funds utilisation
The Series C Extension validates the company’s continued progress. It’s accelerated engineering, testing and certification work continues to pace ahead of the start of production of customer vehicles in Q1 2023. On the commercial side, the company currently has thousands of pre-orders for the full-electric Volta Zero.
Confirming the new investment, Douglas Snyder, Chairman of the Board of Directors of Volta Trucks, said, “At Volta Trucks, we have a very loyal, engaged and future-facing cap table of investors supporting our journey. Nobody has done what Volta Trucks is doing before, and this needs significant investor confidence and trust in the company vision, strategy, business case and ongoing deliverables. The extension to our Series C funding round gives us further positive external validation of our journey, and our pre-order book gives us confidence from our customers that we are developing a product that the market needs.”
Partners with Siemens
In addition to the investment, Volta Trucks and Siemens have entered into a partnership. The strategic partnership looks to bring together Volta Trucks’ unique solution to commercial vehicle fleet electrification and operational expertise through its Truck as a Service offer, and Siemens’ global experience in electric vehicle support solutions. This includes software control systems, facility electrification, charging infrastructure, energy management, building equipment and project finance.
The partnership will support Volta Trucks’ customers by providing infrastructure for full electrification aligned with their operational needs.
Volta Zero, a full-electric truck!
Founded in 2019 by Carl-Magnus Norden and Kjell Walöen, and currently led by CEO Essa Al-Saleh, Volta Trucks is a full-electric commercial vehicle manufacturer and services company headquartered in Stockholm, Sweden.
Volta Trucks has completed the first customer-driving evaluations of the Volta Zero Design Verification prototype in the company’s European launch markets. The Volta Zero is the world’s first purpose-built full-electric 16-tonne vehicle designed for urban logistics, reducing the environmental impact of freight deliveries in city centres. Designed from the ground up with an operating pure-electric range of 150 – 200 kms (95 – 125 miles), the Volta Zero will eliminate an estimated 1.9M tonnes of CO2 by 2026.
The Volta Zero was designed for electricity from the outset, facilitating a step-change in vehicle, driver and pedestrian safety. Thanks to the removal of the internal combustion engine, the operator of a Volta Zero sits in a central driving position, with a much lower seat height than a conventional truck.
There is a glass house-style cab design, which gives the driver a wide 220 degrees of visibility, minimising dangerous blind spots. Volta Trucks will also introduce its innovative Truck as a Service proposition that will revolutionise the financing and servicing of commercial vehicle fleets.
